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Your Bottom Line

News/Business. Christine Romans. Financial advice. New.

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CNN

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00:30:00

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mpeg2video

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ac3

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1920

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1080

TOPIC FREQUENCY

America 6, Nasa 5, Us 4, Julie 3, Splenda 2, Marc Lamont 2, Campbell 2, Russia 2, Neutrogena 2, Washington 2, Boston 2, Obama Mishandling The Economy 1, Cain 1, Siemens 1, Americas 1, Faa 1, Cnn 1, Harrison Ford 1, Warren Buffett 1, Obama 1,
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  CNN    Your Bottom Line    News/Business. Christine  
   Romans. Financial advice. New.  

    March 23, 2013
    6:30 - 7:00am PDT  

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julie. she lost her father to pancreatic cancer just 35 days after his diagnosis, and just a week before she qualified to run the boston marathon. >> i received a phone call i think it was, i don't know about 5:00 and my mom had told me that my father passed away and i was just in shock. >> reporter: when it came to running no one was a bigger fan of julie's than her dad. >> one of my marathons the l.a. marathon in 2010 where he came out and he was at mile 14 and he was there with mineral for me, coconut water and he was filming and he was so proud, he's like that's my daughter! and i'll remember that forever. >> reporter: qualifying for the boston marathon without her father by her side left julie feeling like her work wasn't finished so she decided to raise awareness and money for pancreatic cancer research. >> i thought i have to do
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something big, something dramatic. 52 marathons in 52 weeks is something i could probably do because i knew that i recovered fairly quickly. i think about my dad and i think about all of these people that are affected by pancreatic cancer and what they are going through and i pushed through because what i'm doing is nothing compared to what they are battling with. this is for papa. that's for my dad. >> here she comes, ladies and gentlemen, 52 marathons, raising money for cancer research! >> reporter: even at the finish line her work wasn't quite finished. >> one for my dad. we won! i've got angels with me. i don't know any other way to explain it. let it go, woo!
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>> an angel on her shoulder. as the supreme court is hearing arguments on same-sex marriage, this week a church in north carolina is making a pretty bold move. listen to this. it is refusing to marry straight couples. coming up at 10:00 we'll talk to the senior pastor who says it's about supporting gay and lesbian couples in the church. thanks for watching, it was great to be with you. "your bottom line" starts right now. thank you, victor. see you at the top of the hour. one america but two economies. the evidence is mounting, stocks, jobs, housing, recent data show all three are improving big time, but not everyone is feeling it. poll finds 55% say buying stocks right now is good and 43% say a
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good idea. 69% describe the economy as poor or very poor. only a third say the economy is in good shape and retirement, are you prepared? a survey from the employee benefit research institute asks americans 25 and older and only 13% feel confident they'll have enough money to retire comfortably. it was more than twice that percentage before the recession, 49% those two slices on the left of your screen said they were not too or not at all confident, that's the highest percentage that group has ever recorded. will cain is a cnn contributor and good friend of the show and marc lamont hill, associate professor, stocks are up 10%, in the post crisis world do the rich get rich, and everyone else just runs in place? >> yes because the rich are accessing good information and they know now is a great time to invest. the problem is everyday americans are still buying into the dominant narrative, the sky
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is still falling, the economy is terrible, we shouldn't invest our money, with he should hide it in our mattress. >> why? >> the dominant right wing narrative tells us all times are bad as long as there's a democratic administration. it's like the health care, everyone loves the individual items but don't like universal health care because they boil it to the narrative. >> the right wing has written a narrative that is keeping everyone else from enjoying success and housing in the stock market. >> yes, because we buy into it and the left doesn't push back effectively enough. everyone walks around saying the economy is bad, we shouldn't invest, we can't trust the market when that's not true. >> i don't know. i'm going to let will take this. >> there's a new study suggesting retirees couldn't come one $2,000 liquid next month if they had to. if 57% of americans don't have $25,000 saved i'm not sure if the right wing or reality wrote that narrative but it exists. what are you suggesting that we're in a good economy, the right wing has painted a false picture? >> i'm saying it's more complex than simply saying the economy
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stinks. because we bought into the idea the economy is bad and now is not a good time to invest in the marketplace -- >> you agree there are two americas here. >> of course. >> two americas here, you have people who have capital, deploying capital making money. people who aren't underwater on their home or can pay for real estate. when i talk about a housing market success and stock market success the response i get from viewers is we don't feel it. it doesn't matter to us. >> and there's some truth to that, that's always been a problem of america, two distinct americas. we already know that. the question today to me is how can people who are middle class who have access, who have resources engage in some social mobility? three years ago i would say don't invest in the market. three years ago i would say the housing market is bottoming out, stay still. right now there's opportunity to make investment and people are not doing it. >> that's a right wing conspiracy. >> i'm not saying that. we have matter of factually accepted the idea the economy is bad on all fronts. >> the bottom line it's a joke
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we're sitting here telling the middle class they should have been investing in the stock market or housing the last couple years. warren buffett said you never know who is swimming naked until the tide goes out. the tide went out and a lot of us were swimming naked. we have a lot of debt, a lot of credit problems and spent the last several years trying to work it off. we're not done so there's no extra money to be putting in the stock market. some did have extra capital, those who weren't swimming naked. >> i think it's cool that you're saying americans don't have that. i don't disagree but what is disputable is the idea there's nothing that can be done. do you disagree right now there are middle class americans who could take advantage of the gains but don't because they believe the economy is still bad. >> i don't know the future of the stock market so i wouldn't advise middle class or rich to put their money in the stock market. we're in unprecedented times and unprecedented levels of private debt, every central bank printing money. the future is unknowable. i don't know the right thing to do. >> it's always unknowable. >> that's right but some people
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are afraid for good reasons because you really, people got hit, they saw what happened five, six years ago and don't want that to happen again and also middle class families are much more exposed to the value of their house and value of their jobs. they're not able to take the risks people with making $250,000 or more. do we ever bridge this divide before the two or do we accept there are people going to be paycheck to paycheck trying to get ahead forever? >> i hope we would create an intervention economically. >> what is the intervention? >> part of it with investing in small business, there are things we can do to engage people in a form of social mobility. people see tons of tax relief and economic support for those who have. they see the big guys supported. >> it's not just investing in the market. it used to be when you had records in stocks it meant the companies were flush and companies were spending more money on hiring and on expanding
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and you haven't seen that. record amounts of corporate cash in the banks not being spent to expand and that's the disconnect between stock and middle class comes. >> over the short term but over the long-term the picture we're painting, if there's two americas it's false and doesn't matter. companies are making money, rich people are making money. it doesn't hurt anyone. it's not a fixed piece of income pie. over the long-term it's wealth, if it's increasing everybody will benefit. this society has proven absolute wealth continues to march forward. >> we'll continue this discussion, thanks, guys. hans solo and harrison ford, the faa may be closing traffic towers. >> is this is commercial aviation and passenger safety, and it's a critical issue that's
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i doubt anyone will even notice. leading the pack in motorcycle insurance. now, that's progressive. call or click today. aarrggh! we're three weeks into the forced budget cuts washington calls the sequester. most of you say you aren't feeling the effects. 17% say the cuts are a good thing, less than 27% who say it's a bad thing but the 55% of you who don't know enough to say one way or the other. as the debate in washington focuses on things like ending white house tours and maybe canceling the easter egg roll, real jobs are getting cut, the nonpartisan congressional budget office estimates the economy will lose 750,000 jobs by the end of this year. some economists say the number is inflated since government agencies may choose to reduce worker hours rather than lay them off. layoffs and furlough notices are going out to workers affecting defense to nuclear waste cleanups to parks and recreation. we bring back marc lamont hill
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and will cain. you say the budget cuts are designed to make the president look bad. the white house is trying to mitigate the effects of the forced cuts. americans don't seem to have reacted to the cuts overall. >> many americans aren't feeling it on the ground and secondly many americans are just tired, overwhelmed with the narratives of fiscal doom from debt ceilings to fiscal cliffs. we keep hearing the sky is falling. >> what it about trying to make the president look bad. you think republicans like this is hanging out there and they think if there's no apocalypse it will make the president look bad? >> i think they miscalculated, they thought the american people would respond a little more aggressively against the sequester than they actually had. i think that was part of the idea, they don't want to kick the can down the road they want to fight this. ultimately they'll come up with some issue that they can hold onto and say look we won, we forced the president to his knees but until that happens, this is what you'll see, continuous sequester and a president who is hanging out on a limb. >> bizarro world.
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>> what do the cuts do to people worried about the belt tightening, is there a risk that the economy absorbs it and you don't have a lasting effect? >> there's not a risk, there's an actuality, reality that $17 trillion economy can cut back on 1% of government funding over a nine-month period. the miscalculation wasn't on the behalf of republicans, it was on behalf of the president who for weeks demagogued the fact if you cut this tiny percentage of the federal budget it will send so many people to the soup line that it's going to be the end of the world and guess what? it didn't happen. >> that's the short term response. long-term we will see impacts whether it's at airports, government offices, all sorts of ways. >> liberals always want to convince us we're spending the bare minute that keeps us from absolute apocalypse and tragedy. it's a joke to think we couldn't cut this minimal amount and be all right. >> he said we're going to get
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through this, talking about how much we've pulled back so far. republicans seem to think this was something that the president miscalculated on and the economy will be absorb it. >> i think there's been miscalculations on both sides. ultimately republicans miscalculated to the extent they thought that president obama would be attacked for this, people would read this as obama mishandling the economy as opposed to republicans not being reasonable. democrats miscalculated the short term impact but long-term we will see job layoffs and furlough. >> we're starting to see it this week. friday the furlough notices went out. some of these are furloughs, not layoffs and there's a difference but if you're furloughed you're not buying a new truck this summer. >> if your hours are cut from 40 to 30 hours a weekt stops from you spending, it will have a long-term impact on the private sector. that's the concern and you'll see that maybe not in three weeks but certainly in three months. that's where you'll begin to see -- >> the question is a matter of
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when. when creditors come calling sooner or later. do you put your house in order before they make the cuts for you? >> you're not really comparing us to cyprus are you? >> i'm telling you the day of reckoning comes for everyone. >> i'd like to bring it back to han solo. you have hollywood actors getting involved, does that mean it's hype or people are taking it seriously? >> oh now it's really real. >> thank you, guys, have a great weekend. coming up, nasa's budget wasn't spared from the sequester a month after a meteor exploded over russia. nasa's chief says if a big one suddenly heads our way, pray. is a lack of investment in science in space putting civilization at risk? the delightful discovery. the sweet realization that you have a moment all to yourself. well, almost. splenda® no calorie sweetener. splenda® makes the moment yours™.
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it's something out of a disaster movie an asteroid capable of wiping out a city hurdling toward earth. meteor exploded over russia last month, more than 1,000 people were injured an estimated $33 million in property damage. members of congress pressed nasa's chief on what would happen if an asteroid were suddenly headed for the united states. >> we all know what we're facing today and we're all sitting here today as the congress and the administration try to figure out sequestration, something that never should have happened, nobody planned to happen, but we're facing it today. and so the answer to you is, if it's coming in three weeks, pray. >> pray. you heard right, pray, from a
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scientist. when a scientist says pray you know you're in trouble. director of the hayden planetarium and author of ten books, including "space chronicles, facing the ultimate fran fire" we're facing cuts for nearly $900 million for nasa's budget. >> when you have people saying in congress in a nation that's the most powerful nation that ever was that has explored the solar system like in other nation has imagined saying when an asteroid comes, pray, something's wrong. okay? i'm sorry, something's wrong. we know how to deflect asteroids. you can, the physics and the engineering of that are straightforward actually. takes clever maneuvering but we can figure that out so we know how to do it. we've got the reports on how to do it. there is no funded plan to deflect an asteroid.
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>> how likely is it? >> we just saw -- what do you mean how likely? we saw it. >> if we were to fund every single thing that could happen, we're $16 trillion in national debt already. >> okay, so go to the residents of it could happen? yeah, it happened. by the way, we have been telling the world about the risk of asteroids since the 1980s since we first figured out the dinosaurs probably went extinct from an asteroid the size of mt. everest that hit one side of the world but affected the climate worldwide rendering 70% of the species extinct. you would think if the human species was at risk of being extinct, you wouldn't have debates about this. you would say let's get on the case here. >> we have debates about money and all of the things that america has done in the past. what is america going to do in
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the future? have we lost our ability to dream big because we think about big dollar signs instead. >> don't get me started. >> consider yourself started. >> i wore a special vest today. i don't know if your camera can catch it. i want to go to all destinations on this vest. this is the universe mixed in with the solar system. i like to wear the universe with me. so if we can think of the solar system as our backyard and imagine not just where do we go next, how much of the solar system do you want to drink in today, then you go to the moon possibly for tourism. you go to asteroids to mine them. by the way, while you're mining them, if you're good at that, you probably know how to deflect them. we get those folks to deflect them. >> imagine the natural resources and minerals. as a business person it's there. there's an economic benefit on that front. >> we don't have to imagine. we know. there are asteroids out there presorted in ingredients ready for us to reach for so asteroids
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like the sizes of a house that would have more platinum than ever been mined in the history of the world. and the universe has no limit of energy. and look at the wars we're fighting. we have people saying let's solve our problems on earth. space is -- what world is this? what country is this anymore? >> let's talk about fighting for other mining. mining america's youth and the world's youth and getting them excited about science, math and technology. we all know the rankings. s.t.e.m. future to top paying jobs. top paying computer engineering, chemical engineering, computer science but we lag behind. 17th in signs. 25th in math. how do we spark that enthusiasm and excitement for science? >> you got the cart in front of the horse. the problem with the country is
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not that kids aren't interested in science. the problem with the country is that we have scientifically illiterate adults. when you have adults in charge of things who yield resources and money and opportunity and they don't know how to think about that problem, the kids are not the problem. they are born curious about the natural world. you know spending time with any aged child. they are poking things. they are taking things apart. what's that? what's this? >> dropping everything to see how it works. >> parents say. you're going to break it stop. we spend first two years teaching them how to walk and talk and then the rest of their life telling them to sit down and shut up. all of those things they do that might kill them are exploring their environment. so you have to give them light. don't let them give themselves but give them latitude. you don't need to create a
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special program to entice people. the very active exploring the solar system does that. looking for life, that's biologist and when you build frontiers in space -- >> we need to think bigger. >> think big and the rest flows behind it. you can create an innovation nation. they should remain nasa the department of innovation. i'm inspired to innovate because the nation is dreaming big. >> the rest of the world comes to see how america innovates. we have creativity. what drives them. >> you want to create an atmosphere in which innovation is a natural thing that everyone just does every day. >> i'm inspired. thank you. nice to see you. have a great weekend. also inspiring, this crossing guard used to cross up defenders in the nba. he's even in the hall of fame. i'm going to tell you who he is and why this may be the smartest move he's made since he stepped off the court.
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